Wall Street&#8217;s biggest gold fund saw something unusual recently — a single-day 
outflow of $3 billion from SPDR Gold Shares, a number that dwarfed any 
comparable daily exit over the prior two years by more than 200%. The $3 
billion single-day outflow from SPDR Gold Shares — a US gold-backed ETF 
trading under the ticker GLD — was flagged by the Kobeissi Letter as exceeding 
any comparable daily exit over the prior two years by more than 200%. Related 
Reading: Ghana’s Crypto Push Begins As 11 Companies Enter SEC Sandbox On the 
same side of the ledger, Bitcoin exchange-traded funds recorded over $900 
million in net inflows over the 30 days ending March 11, swinging from close 
to $2 billion outflow the month before. BREAKING: The largest US gold-backed 
ETF, $GLD, posted a record -$3.0 billion outflow on Wednesday. This surpasses 
any previous large daily outflow seen over the last 2 years by +200%. At the 
same time, silver ETFs recorded small outflows, while Bitcoin ETFs saw modest 
inflows.… pic.twitter.com/XF8y99cPSV — The Kobeissi Letter (@KobeissiLetter) 
March 6, 2026 A Ratio To Watch The Bitcoin-to-gold ratio has pulled back to a 
support zone near 12-13 — a level that blocked further gains in 2017, then 
flipped to support in 2022 and 2023. Analysts say that history gives the 
current price level added weight. Michaël van de Poppe, founder of MN Capital, 
points to a bullish divergence forming between the ratio and the relative 
strength index on the daily chart. In plain terms, that means selling pressure 
appears to be fading even as prices have stayed under stress. Whether that 
signal holds is another matter, but it has drawn attention from traders 
tracking Bitcoin&#8217;s long-term standing against gold. #Bitcoin vs. Gold is 
currently breaking upwards after a confirmation of the bullish divergence. 
This should indicate that we&#8217;re about to see significantly more strength in 
Bitcoin. pic.twitter.com/vwIpwJ82qz — Michaël van de Poppe (@CryptoMichNL) 
March 11, 2026 The shift in ETF holdings reinforces the picture. Bitcoin ETF 
balances improved by roughly 12,900 BTC in the last monthly timeframe, while 
gold ETF holdings fell by nearly 800,000 ounces during a similar window. 
Capital appears to be moving, even if slowly. Institutions Are Coming, Just 
Not Yet In Full Binance Research flagged the current stretch of market 
volatility as what it called an &#8220;opportunity within risk&#8221; for Bitcoin. Bitcoin 
has traded in step with oil and US equities recently, moving alongside broader 
macro assets as the US-Israel and Iran conflict has kept global markets on 
edge. Despite that turbulence, institutional interest has not dried up. US 
spot ETFs now account for roughly 9% of total Bitcoin trading volume. That 
sounds modest — and it is. In US equity markets, ETFs account for 30-40% of 
total trading volume. The gap tells its own story about how much room remains 
for institutional participation to grow. Related Reading: Bitcoin Crosses 20 
Million Coins Mined — And Only 1 In 20 Remains History Offers A Cautionary But 
Compelling Pattern Midterm election years have not been kind to risk assets. 
The S&amp;P 500 has averaged a peak-to-trough drop of 16% during those cycles. 
Bitcoin&#8217;s drawdowns have been steeper, averaging around 56%. But the 12 months 
after midterm elections have, without exception since 1939, produced positive 
returns for the S&amp;P 500, averaging 19% gains. Bitcoin, with only three post- 
midterm years on record, has averaged 54% gains across all three. Reports from 
Binance Research also identified $78,000 as the level Bitcoin would need to 
reclaim to signal a broader trend reversal. BTC was trading around $71,500 at 
the time of publication. The distance between the two numbers is not enormous, 
but in a market moving this quickly, it is not small either. Featured image 
from Incrementum, chart from TradingView

Bitcoin Eyes Gold’s Crown As Institutional Money Quietly Shifts

Bitcoin bulls squeezed the market toward $74,000 again as promising US 
inflation data buoyed risk assets, but BTC price forecasts stayed mixed.

Bitcoin price eyes $74K rematch as US PCE inflation boosts crypto, stocks

The US Treasury (OFAC) has sanctioned six individuals and two entities tied to 
the Democratic People’s Republic of Korea (DPRK) IT‑worker schemes that 
allegedly generated nearly $800 million in 2024. US Vs. DPRK Over Crypto Fraud 
Crypto is once again at the center of Washington’s latest sanctions push. On 
an official press release on March 12, the US Treasury announced that they 
have blacklisted a North Korean IT‑worker network accused of routing nearly 
$800 million through digital assets to fund weapons programs in 2024. The 
Secretary of the Treasury Scott Bessent, quoted on the announcement, warned 
that “The North Korean regime targets American companies through deceptive 
schemes carried out by its overseas IT operatives, who weaponize sensitive 
data and extort businesses for substantial payments”. Related Reading: Binance 
Warning? Leverage Explodes As Crypto Tracks A World On Edge How The North 
Korean Crypto Scheme Worked According to the OFAC’s statement, these North 
Korean IT networks relied on front companies in Vietnam, Laos and Spain to 
move IT‑worker revenue into cryptocurrency, convert it, and route funds back 
to Pyongyang. As the statement claims: DPRK-facilitated IT teams commonly rely 
on fraudulent documentation, stolen identities, and fabricated personas to 
conceal their true identities and gain employment with legitimate companies, 
including those in the United States and allied countries. The DPRK government 
reportedly appropriates the majority of the wages earned by these overseas IT 
workers, generating hundreds of millions of dollars to support the regime’s 
WMD and ballistic missile programs, in violation of U.S. and United Nations 
sanctions. In certain instances, DPRK-affiliated workers have also covertly 
introduced malware into company networks to extract proprietary and sensitive 
information. Amongst the companies signaled by Washington are Amnokgang 
Technology Development Company, that manages overseas DPRK IT delegations and 
other illicit procurement and Vietnam‑based partner (Quangvietdnbg) whose CEO 
converted around $2.5 million into crypto for North Koreans between mid‑2023 
and mid‑2025, with $800 million in 2024 alone. Other facilitators opened bank 
accounts, enabled crypto transactions, and laundered IT‑worker proceeds on 
behalf of North Korean procurement figures, like Kim Se Un. The OFAC warns 
that both US and foreign financial institutions face secondary‑sanctions risk 
if they keep touching flows linked to the newly designated actors, which 
effectively isolates their remaining fiat and crypto on‑ramps. Related 
Reading: Hyperliquid Rockets as Oil Touches $100: Arthur Hayes Reveals Why 
What This Means For The Crypto Market This is but the newest chapter on a long 
saga of North Korean cyber and IT operations repeatedly leaning on crypto, 
mixers and OTC brokers to launder billions in stolen or fraudulently earned 
funds, which regulators now say directly supports its weapons programs. Even 
as Treasury has recently acknowledged that mixers and privacy tools can have 
legitimate uses, the new designations show that they are still ready to 
aggressively sanction any intermediaries that route significant illicit crypto 
flows for state actors like the DPRK. Despite episodes like this usually not 
moving Bitcoin’s price on their own, they do add to the regulatory overhang 
that can cap risk appetite around privacy coins, mixer‑adjacent protocols and 
lightly regulated offshore venues. For majors like BTC and ETH, stricter 
enforcement against DPRK‑linked networks tends to be framed as “cleaning up 
the rails,” which can support institutional adoption over time even if it 
generates headline risk in the near term. The regulatory tail risk remains 
highest around privacy‑focused tools, offshore venues and tokens that depend 
on opaque liquidity paths. At the same time, every DPRK‑linked enforcement 
wave nudges more volume toward KYC’d exchanges and transparent stablecoin and 
BTC pairs, which is where long‑term liquidity and institutional flows are 
likely to concentrate. BTC’s price trends to the upside on the daily chart. 
Source: BTCUSD on Tradingview Cover image from Perplexity, BTCUSD chart from 
Tradingview

Crypto Sanctions Shock: Treasury Hits DPRK IT Web After $800M Fraud

Synthetix price moved slightly higher as the project published its roadmap for 
2026, which includes token buybacks and new trading products. At press time, 
Synthetix (SNX) token traded at $0.3251, up about 2.9% in the last 24 hours. 
The token…

Synthetix price forms compression pattern — will SNX buyback roadmap trigger reversal?

The Ethereum Foundation’s new “EF Mandate” formalizes its role as steward of a 
censorship‑resistant, privacy‑first, open‑source base layer, signaling zero 
appetite for surveillance‑chain compromises. The Ethereum Foundation has moved 
from vibes to written doctrine, publishing an “EF Mandate” that spells…

Cryptocurrency price in KWD